Jenny McCarthy is not surprised at all with the many changes on The View.

The 42-year-old television personality didn't return for season 18 of the ABC show after appearing for only one season, and Rosie O'Donnell also left just months after her big return, citing personal reasons. Former child star Raven-Symone just joined the panel last month, and it was announced last week that comedian Michelle Collins is joining the series as a permanent co-host.

But Jenny tells ET in a new interview that the show is still missing one crucial element -- veteran Barbara Walters.

"Barbara really was the captain of that ship and as much as I want to see it keep going, I really wish... Barbara would put more into it again," she says candidly. "I feel like she had a lot of say when it came to that show, and who knows, maybe that's what they're missing."

"It doesn't surprise me with all the transitions and the changes. I think it's really, really hard to find a foundation on that show once the main kind of avengers were there," she adds.

Still, she is happy about reports that her close friend Sherri Shepard might return to the show.

"I couldn't be happier for her," Jenny says. "I know she really missed it and she deserves it."

She also has nothing but praise for the panel's newest member, Michelle.

"Michelle Collins was a reoccurring guest on my talk show and she was always so fun," she comments. "She definitely has that joy that people were looking for. I just hope all their chemistry, you know, molds together."

As for the former Playboy model, she's clearly moved on, as evidenced by season two of her reality show, Donnie Loves Jenny, premiering Wednesday on A&E. She reveals that the story of her new bright pink hair will definitely be on the show, calling the big change a "midlife crisis."

"That's the name of that episode but it did -- it happens to the best of us," she admits. "I thought I got past my midlife crisis with tattoos and then I woke up this morning and said, 'You know what, I'm feeling a little bit frisky,' and thought I'd go pink."